Thursday, February 29, 2024
Parkland divests 157 Canadian c-stores
As part of its long-term growth plans, the company is selling the assets operating under the Chevron, Ultramar, Pioneer and FasGas brands
Source: Petrol Plaza
Parkland has decided to sell 157 convenience stores and service stations in Canada, operating under fuel brands such as Chevron, Ultramar, Pioneer and FasGas.
The majority of these sites are located in Quebec and Ontario while the rest are established in Alberta, British Columbia, Manitoba and Saskatchewan. All locations are sold with long-term fuel supply agreements by the firm.
Parkland’s decision is aligned with its ongoing long-term growth plans for optimizing its retail network. To ease the transaction process, the company has partnered with both NRC Realty & Capital Advisors, who specialize in the marketing of convenience store properties, and Colliers Canada.
“The decision to divest these locations is part of our ongoing network planning and optimization process. As we continue to grow, we have identified sites that no longer fit our long-term strategic objectives in their current format,” said Francis Lapointe, Vice president of Canadian retail operations at Parkland, according to a report by CStore Decisions.
During an investor presentation earlier this year, Parkland stated plans to add food services to On the Run locations and enhance its digital platforms. The presentation also specified that the company has a total of 2,345 retail sites in Canada, which encompass 800 company stores, 1,235 dealer sites and 310 M&M Food Market locations.